Good Businesses to Start

Opening a Gourmet Restaurant

Always wanted to be your own boss and own a gourmet restaurant? We discuss the problems that sometimes come as a surprise to first-time entrepreneurs.

Wondering how to start a gourmet restaurant? We take you step-by-step from start to success.(article continues below)

Business Plans for a Gourmet Restaurant

A common mistake for a small business owner is to not create business plan for your startup gourmet restaurant.

The key benefit of writing a business plan is that it defines the game plan. If you don't have a business plan, your leadership will be handicapped, choosing short-term opportunities at the expense of long-term benefits.

Before you make another business decision and before you start writing a business plan, you need to create a mission statement. From there, you can begin to build on it with goals, budget estimates, marketing plans and other elements that are typically found in startup business plans.

Locale Considerations

New business owners often consider customer density when exploring site selection, but there are many other important factors. Are there many viable employees nearby, for example? There's a lot to consider and you need to do a thorough analysis.

Review the Competition

Prior to opening a gourmet restaurant in your area, it's a good idea to determine what the competition looks like. Try our link below to generate a list of competitors near you. Complete the form by entering your city, state and zip code to get a list of gourmet restaurants that are close by.

If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.

Finding a Non-Competitive Business Mentor

If you want to open a gourmet restaurant be sure to have a conversation with someone who is in the business. If you think your local competitors will give you advice, you're being overoptimistic. The last thing they want to do is help you to be a better competitor.

Thankfully, an owner of a a gourmet restaurant outside of your community will be much more likely to talk with you, as long as they don't view you as a competitive threat. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.

How do you find a gourmet restaurant entrepreneur who is willing to advise you because you live in different cities?

We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!

On a percentage basis, more entrepreneurs intend to enter gourmet restaurant ownership through a startup than through a business purchase. Yet gourmet restaurant startups aren't easy - many fail within the first year.

There are a lot of factors that need to be considered in buying vs. starting a business. Although startup owners may have greater control over the shape and scope of their companies, they lack the advantage of a proven business model. Along the same lines, it can take years for a startup company to achieve brand recognition while an existing business may already be a trusted name in your target market.

Franchising May Be a Better Way to Go

Your odds of becoming a successful entrepreneur are greatly increased if you purchase a franchise in lieu of doing everything yourself.

Before opening a gourmet restaurant, you would be wise to investigate whether there are good franchise opportunities available that might increase your chances of success.

The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.